- Written by PolicyBazaar
- Views: 9249
- Published: 14 July 2014
LIC term insurance plans offer adequate life cover at nominal cost. Broadly, there are LIC term plans that offer complete financial protection. Let’s know them in detail.
- LIC's e-Term: It is a non-participating online term assurance plan with single premium option. It provides financial protection to the family in case of the unfortunate demise of the policyholder. Under this plan, there are two categories of premium rates- 1) Aggregate lives 2) Non smoker lives. For Aggregate category, the minimum sum assured is Rs 25 lakhs, while for Non- Smoker category, it is Rs 50 lakhs.
- LIC Amulya Jeevan- II: It is a protection plan which offers sum assured to the family of the insured in case of his/ her unfortunate demise. However, if the insured survives till the end of the policy, nothing shall be payable.
- LIC Anmol Jeevan- II: This protection plan offers financial safety to the family of the insured at the time of his/her unfortunate death. There is no option of maturity benefit.
- Anmol Jeevan– I: It is a term plan where on death of the life assured sum assured under the policy is paid to the beneficiary. If the insurance policy has lapsed, it may be revived during the life time of the plan, but it should be done before the date of expiry of policy term, by submitting the proof of continued insurability to the LIC Corporation and by paying all premium arrears. However, the Corporation reserves the right to approve or disapprove the revival of discontinued insurance policy.
- Amulya Jeevan – I: In case of unfortunate death of the policy holder during the term of the policy, sum assured is payable, provided the policy is kept in force. The policy shall be void if the insured commits suicide at any point of time or after the date on which the risk under the policy has started but before the one year from the date of commencement of risk under the policy.
- Two Year Temporary Assurance Policy: In this policy, the individual is covered for tenure of maximum 2 years. The insured is required to pay a single premium at the outset of the policy to cover the entire policy duration. The policy is not entitled to receive any surrender value. Also, no loan will be granted against two year temporary assurance policy.
- Convertible Term Assurance Policy: This term insurance plan comes with double advantage of protection and convertibility. This plan is suitable for those who are initially unable to pay larger premium amount which is required for a whole life or endowment policy, but hope to pay for such policies in future. Policyholders get an option of converting a policy into endowment assurance or limited whole payment life insurance plan.
A systematic study of LIC premium for term assurance plans and LIC quotes will help you in understanding term plans provided by LIC. Also, compare LIC term plans and term policies provided by other life insurance companies in India and buy the best term plan that suits your needs.